OLR Bill Analysis

sSB 972

AN ACT CONCERNING CONNECTICUT INNOVATIONS, INCORPORATED.

SUMMARY:

By law, Connecticut Innovations, Inc. (CII) must file an annual report on its financial assistance programs that has certain information about companies receiving financial assistance from CII, including each company's gross revenue for its most recent fiscal year. This bill requires CII to report gross revenue only for companies that make the information public in the normal course of business. For other companies, CII must report each company's gross revenue separately while concealing its name and identity, which it exempts from the Freedom of Information Act (FOIA). The law already exempts from FOIA financial and credit information and trade secrets applicants submit.

The bill allows the governor and the chairpersons of the Finance, Revenue and Bonding and Commerce committees to examine the detailed report data in confidence, including the specific revenue data for each identifiable business included in the report.

EFFECTIVE DATE: July 1, 2009

COMMITTEE ACTION

Commerce Committee

Joint Favorable